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Presented below are transactions related to Sandhill Company

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Presented below are transactions related to Sandhill Company.

 

1.On December 3, Sandhill Company sold $593,100 of merchandise on account to Indigo Co., terms 2/10, n/30, FOB destination. Sandhill paid $350 for freight charges. The cost of the merchandise sold was $386,700.2.On December 8, Indigo Co. was granted an allowance of $28,400 for merchandise purchased on December 3.3.On December 13, Sandhill Company received the balance due from Indigo Co.

 

(a)

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Prepare the journal entries to record these transactions on the books of Sandhill Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 

 

No.

Date

Account Titles and Explanation

Debit

Credit

1. 

Dec. 3

Dec. 8

Dec. 13

Jan. 2

 

 

 

 

 

 

(To record credit sale)

 

Dec. 3

Dec. 8

Dec. 13

Jan. 2

 

 

 

 

 

 

(To record cost of merchandise sold)

 

Dec. 3

Dec. 8

Dec. 13

Jan. 2

 

 

 

 

 

 

(To record freight charges)2. 

Dec. 3

Dec. 8

Dec. 13

Jan. 2

 

 

 

 

 

 

3. 

Dec. 3

Dec. 8

Dec. 13

Jan. 2